assignment 8

Volume 14 Issue 1

March 2016

Telemetrix (A) – North-South Exports Lends a Helping Hand to Telemetrix: Mexico or Brazil?

Case1 prepared by Aurelia DURAND2 and Éléonore KUENTZ3

North-South Exports is a Quebec-based export management company that helps customers develop their business in Latin America. At the end of a blustery day in February 2013, Stéphane Larose, president, and Marc-Antoine Tremblay, vice-president, climbed into an overheated taxi. After asking the driver to take them to their office in Old Montreal. Stéphane pulled out two plastic glasses and a champagne bottle he had stowed away in his briefcase: the business meeting they had just concluded with Daniel Lavallée, owner of Telemetrix, called for a toast. Stéphane handed a glass to Marc-Antoine, who returned his smile: “Cheers! To this new deal!” They had just signed a contract with Telemetrix, a Quebec-based SME offering innovative solutions for managing truck fleets. The two men took advantage of this brief respite from their hectic work schedule to enthusiastically discuss the contract.

Stéphane: “Can you believe it? This almost never happens, but Daniel really trusts us! He’s giving us market exclusivity in the entire area stretching from Mexico to Argentina – all of Latin America and the Caribbean!”

Marc-Antoine: “It’s great, but we can’t let him down. We could start by lowering his expectations and suggesting we enter the region gradually. We could explain that starting with one or two markets would be more reasonable than the forty-odd countries between Mexico and Argentina!”

Stéphane: “You’re right. Latin America is huge. I’m not sure such a small business should try to penetrate more than one market at a time in that region given the many projects they already have in the pipeline.”

Marc-Antoine: “Since Telemetrix seems to have already begun looking at Mexico, maybe we should start there?”

1 Translation from the French of case #9 00 2015 003A “Telemetrix (A) – Export Nord-Sud donne un coup de pouce à Telemetrix : Mexique ou Brésil?”

2 Aurelia Durand is an assistant professor in HEC Montréal’s Department of International Business Management. 3 Éléonore Kuentz is junior analyst for international business development at an export company.

© HEC Montréal 2016 All rights reserved for all countries. Any translation or alteration in any form whatsoever is prohibited. The International Journal of Case Studies in Management is published on-line (http://www.hec.ca/en/case_centre/ijcsm/), ISSN 1911-2599. This case is intended to be used as the framework for an educational discussion and does not imply any judgement on the administrative situation presented. Deposited under number 9 00 2015 003AT with the HEC Montréal Case Centre, 3000, chemin de la Côte-Sainte-Catherine, Montréal (Québec) H3T 2A7 Canada.

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Telemetrix (A) – North-South Exports Lends a Helping Hand to Telemetrix: Mexico or Brazil?

Stéphane: “I don’t know. We should also put our Rio guy on this account. There’s no shortage of trucks in Brazil!”

Marc-Antoine: “Maybe you’re right. Speaking of Brazil, one of my customers wants to help his

niece find a job when she graduates from university this year, and he asked if we could find a place for her. It seems she’s interested in business development in Brazil, and she speaks Portuguese. Julie-Anne, I think her name is. We could give her the Telemetrix account. But anyway, it’s just a one-year contract: there’s no time to lose. We need to come up with a good market selection strategy!”

North-South Exports Offers SMEs a Helping Hand

Stéphane Larose and Marc-Antoine Tremblay founded North-South Exports in 2007 with each owning 50% of the business and splitting the decision-making power. In the beginning, they focused on Quebec manufacturing firms. Today, many of their customers are in the service industry and several are located outside Canada. In fact one of the company’s main accounts is a U.S. company. North-South Exports operates in many different sectors: health care, oil, transportation, aviation, and agribusiness. In early 2013, the firm had nine employees: five in Montreal (the two co-owners and three employees), one in Mexico City, two in Buenos Aires, and one in Rio de Janeiro. To land contracts as sales representatives in Latin America and “bring in orders,” as Larose likes to say, North-South Exports organizes economic missions, trade fairs, and product training sessions, carries out market studies, handles in-field representation, identifies potential distributors, and builds relationships with them. Export management companies such as North-South Exports are fairly rare in Quebec. Other than regional export promotional organizations (ORPEX), which often sub-contract market studies, export development agencies1 and government authorities2 act primarily as consultants and do little work in the field. There is some competition from the internal resources of SMEs (when they have or acquire them to go global), private consultants (working individually or in small consulting firms) and, especially, manufacturers’ agents who handle a large portfolio of products and act as sales representatives in Quebec and in foreign markets. The advantage of doing business with agents is that they work solely on commission. Nevertheless, this may not be in the long-term interests of a company wishing to expand internationally since they tend to focus on products that will earn them the highest commission.

Telemetrix Inc.: Looking for New Openings in Latin America

Telemetric is a Quebec SME founded in 2006 by Daniel Lavallée. Based in Montreal, it employs twelve people. Its mission is to develop and commercialize innovative fleet management solutions that are both economical and environmentally friendly. Telemetrix has received numerous awards from organizations promoting innovation and competitiveness such as the Quebec Ground

1 Including Export Development Canada (EDC), Québec International, Export Commissioners, Export Montreal West, 48e Nord International, Laval Technopole International

2 Including Export Québec and the provincial and federal trade commissioners

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Telemetrix (A) – North-South Exports Lends a Helping Hand to Telemetrix: Mexico or Brazil?

Transportation Cluster. The company’s cornerstone is its complete fleet management solution using GPS tracking called TOTAL METRIX. This solution is based on a technology that reduces gas consumption and is protected by a U.S. patent. It includes a control unit connected to the vehicle’s on-board computer that transmits data to an online platform using GPS/cellular antennae. Customers buy not only the basic equipment but also a “machine-to-machine” (M2M) data transmission plan from a cell phone company. Telemetrix subcontracts the manufacture and assembly of its control units to Electronov and the installation in North America to Chileno Distribution. These two firms have helped improve the TOTAL METRIX technology. Locally, the TOTAL METRIX solution is a great success. It is used by major manufacturing firms, retail businesses, car rental companies, SMEs in more than a dozen different sectors, and even municipal services in Montreal and Toronto. The system offers advantages in terms of cost, customization, and social responsibility. First of all, it promises a return on investment in less than a year thanks to decreased fleet operating costs. Route optimization, speed control, driver supervision, and maintenance management reduce costs related to fuel consumption, repairs, accidents, and insurance. TOTAL METRIX can be adapted to the needs of specific sectors by customizing the parameters of its electronic box and the online platform. In the case of a police department in a Quebec municipality, for example, vehicles were programmed to start up automatically when a police officer holding the key came within 200 meters of the car to ensure speedy emergency response time. Finally, TOTAL METRIX’s patented technology significantly reduces greenhouse gas emissions, making it more environmentally friendly than its competitors. Its success in Quebec can also be explained by the quality of its customer service; for many years, excellent after-sales service and the speed with which defective parts are replaced has earned it the loyalty of satisfied customers. Overseas, Telemetrix is present in many French-speaking countries throughout Europe and Africa, where it uses indirect exporting: selling through a distributor that promotes and installs TOTAL METRIX and provides the necessary training. Closer to home, Telemetrix had also demonstrated its product in California, Peru, and Chili, although it had made no sales. This experience made clear to the company that there were several obstacles to penetrating Latin American markets. Cultural and linguistic barriers, the lack of key contacts, and administrative and technological differences created greater complications than in Europe and Africa, where the company began its international expansion with the help of good contacts and a common language. In addition, the lack of international products in African markets created a less competitive environment. Competition is much stiffer in Latin America than in Africa. Finally, fuel consumption reduction was a lower priority in Latin America than in Europe or North America since environmental regulations were often less strict there, and customers were more interested in ensuring driver and equipment safety than in reducing operating costs. Telemetrix was nevertheless determined to penetrate the Latin American market. To make up for its lack of knowledge and contacts and help build relationships with distributors in that part of the world, it called on the expertise of North-South Exports.

North-South Exports and Telemetrix: A Promising Partnership

In January 2013, North-South Exports learned about the challenges facing Telemetrix in Latin America at a Quebec Ground Transportation Cluster event organized by the Specialty Vehicles and Transportation Equipment Manufacturers’ Association (AMETVS). A few weeks later, the two

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Telemetrix (A) – North-South Exports Lends a Helping Hand to Telemetrix: Mexico or Brazil?

parties signed a contract (Exhibit 1) specifying that North-South Exports would be paid $4,000 a month plus a 5% commission on the sale of Telemetrix solutions, and all travel expenses related to commercial missions would be reimbursed. The contract also stipulated that Telemetrix would give North-South Exports all its data on the Latin American market, including full details of potential Mexican accounts. Above all, it would train North-South Exports employees in the technical aspects of the control units, their installation, the online platform, and the sales strategies employed in Quebec. In return, North-South Exports would be responsible for translating the catalogues into Spanish (the website and TOTAL METRIX program having already been translated), adapting the price list to local currencies, collecting primary and secondary information in targeted markets and sectors, identifying potential distributors and customers, and facilitating the signing of contracts. To promote sales, North-South Exports would also build active relationships with potential customers and distributors.

North-South Exports Takes Its First Steps in Mexico

North-South Exports began to sound out the Mexican market by contacting Quebec trade commissioners in Mexico. In April 2013, the firm was referred to Mr. Sanchez, who maintains close ties with both the Quebec delegation and the Canadian Chamber of Commerce in Mexico, where he chairs the environment and energy committee. Mr. Sanchez owns EcoMexico, an environmental consulting firm that measures greenhouse gas emissions (GHG) and distributes green technologies. Among other things, he promotes the GHG measuring program implemented by a well-known Canadian multinational. Mr. Sanchez was immediately interested in the TOTAL METRIX solution and appeared to be an ideal partner: his company fit the profile of the local distributors North-South Exports needed to contact in Latin America under the terms of its agreement with Telemetrix. Mr. Sanchez immediately purchased five control units at a significantly reduced rate to demonstrate their benefits on “test trucks” of potential customers. Encouraged, the North-South Exports team shared Telemetrix’s Mexican database with EcoMexico, and ties were established with companies in the logistics, agribusiness, and mail delivery sectors. In the following months, feedback from these potential customers was promising, but then problems began to arise, primarily in connection with the installation of control units on the test trucks. For example, PedidoTrack, a logistics and distribution firm, agreed to have a control unit installed on one of its trucks. However, EcoMexico had received no installation training, and the process was more difficult than expected. In January 2014, more than a month after the launch of the pilot project, EcoMexico visited Telemetrix’s Montreal offices to receive the necessary training. At that time, EcoMexico informed the company of all of PedidoTrack’s complaints about the reliability of the TOTAL METRIX solution. It was then that North-South Exports, EcoMexico, and Telemetrix all realized that, since the required configuration had not been done, the system was performing poorly. The default setting for transferring data from the control unit to the online platform was every ten minutes, for example, rather than every two minutes as recommended by Telemetrix to ensure optimal fleet monitoring. This problem could have been avoided if North- South Exports and Telemetrix had better coordinated their activities and verified that EcoMexico

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Telemetrix (A) – North-South Exports Lends a Helping Hand to Telemetrix: Mexico or Brazil?

had configured the system. After returning to Mexico, EcoMexico offered PedidoTrack another trial month, but the offer was rejected. All hope of closing the sale was lost. The North-South Exports team did not give up, however, and continued to refer potential customers to EcoMexico. In early January 2014, during a trip to Mexico organized for several of North-South Exports’ customers, Larose attended a TOTAL METRIX presentation delivered by EcoMexico to a potential customer referred by North-South Exports. Despite the promotional materials developed by North-South Exports and the training provided in Montreal, the presentation was poorly organized and failed to highlight the benefits of the system. As the months went by, the relationship between North-South Exports and both EcoMexico and Telemetrix continued to deteriorate. EcoMexico’s promises were continually broken, and North-South Exports had no results to show Telemetrix. EcoMexico complained that the TOTAL METRIX price was too high compared to what was available locally and that Mexican businesses were not interested in reducing GHG emissions. In addition, the system used cellular rather than satellite technology, although cellular coverage was far less extensive in Mexico than in Canada and the United States. Real-time satellite tracking would be an asset in Mexico that the system could not offer. After eight months with no sales in Mexico, North-South Exports suggested to Telemetrix a revision of its price list to bring it in line with that of local competitors. The suggested change would mean a lower base price but higher monthly payments (Exhibit 2). In the meantime, North- South Exports was working hard to penetrate the Brazilian market.

A Different Marketing Strategy in Brazil

In May 2013, Marc-Antoine Tremblay decided to hire Julie-Anne Cabana, the niece of one of his biggest customers, who had just completed a bachelor of business administration (B.B.A.), with a double major in marketing and international business management. Fascinated by international business, Cabana had completed a trilingual program (French, English, Spanish) during which she had done a six-month exchange program in Buenos Aires to improve her Spanish and had also taken classes in Brazilian Portuguese. After giving Cabana the summer to adjust to her new job, Tremblay decided she was ready for her first major challenge and asked her to take on the Telemetrix account in September 2013. She would divide her time equally between Telemetrix and two other accounts. She began by spending almost two months translating the entire TOTAL METRIX program into Brazilian Portuguese. She also studied the various SIM card options and learned that M2M Chip, an authorized distributor of the Canto cell phone company, offered competitive rates. Finally, she contacted potential distributors in Rio de Janeiro, where the North-South Exports offices were located. Recalling the EcoMexico stalemate in Mexico, Cabana and her bosses agreed to try a different strategy. Instead of approaching environmental consultants as they had done in Mexico, she contacted businesses specialized in IT solutions and satellite technology. She quickly identified two potential partners interested in distributing TOTAL METRIX: Atrak ERP and GEOSAT. Inspired by SAP technology, Atrak had developed an ERP (enterprise resource planning) application for Brazilian SMEs. Its customers included Biscoitinho, a manufacturer and distributor of cookies with a fleet of 70 trucks, and Papelão, a manufacturer and distributor of cardboard packaging with a fleet of

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Telemetrix (A) – North-South Exports Lends a Helping Hand to Telemetrix: Mexico or Brazil?

five trucks. GEOSAT specializes in computer systems and satellites; its customers included Via Lojas, a company with a fleet of 3,500 trucks. The potential demand for a system such as TOTAL METRIX was clearly high, and Cabana seemed to be on the right track. Her market research nevertheless showed that the price of TOTAL METRIX was much higher than the system used by Brazilian firms, which consisted only of a GPS tracker linked to a central alarm system and did nothing to reduce operating costs. Moreover, the fact that TOTAL METRIX was not connected to a central alarm system would be a serious barrier to its adoption. Road transportation in Brazil is risky for both fleet owners and drivers, who face the threat of armed robbery and even being held for ransom! As a result, potential customers would obviously want 24/7 tracking of their trucks, something Brazil’s poor cellular coverage would not allow.

Difficult Decisions

Informed of Cabana’s conclusions by the owners of North-South Exports, Lavallée realized the need to develop satellite technology to ensure the long-term success of his business, especially in emerging markets. This would require a considerable investment for his small company, and he had a difficult decision to make. To cut expenses and allocate more resources to research and development, he decided to stop funding business development in Latin America which, as of January 2014, had been fruitless. Informed that their contract might not be renewed, the owners of North-South Exports had to either cut their losses and admit defeat or renew their efforts. Cutting ties with Telemetrix without delivering results would hurt the company, which relied primarily on word of mouth to generate business. It therefore decided to offer a compromise, suggesting that Telemetrix stop making monthly payments but increase its commission rate. Lavallée agreed, increasing the commission rate from 5% to 25% on all sales of TOTAL METRIX. Cabana heaved a sigh of relief. All the work done in Brazil could still yield results! But Larose and Tremblay were now convinced they should focus their efforts on a single market. As the Mexican and Brazilian markets each had their pros and cons while being very different from Telemetrix’s domestic market (See Exhibit 3), they also had a difficult decision to make. Brazil is a larger market than Mexico in terms of vehicles. In 2010, it had a total of 64.8 million vehicles, of which 46% were commercial, compared to just 34 million in Mexico, of which 34% were commercial (although that number is growing steadily).1 Brazil’s market is the fastest growing in Latin America, estimated at US$934 million in 2014. With expected growth of 14.5%, that could jump to US$1.8 billion by 2019! However, Brazil is much less open to imports, and tariff barriers enable local players to dominate the market. In the past year, the four industry leaders each installed between 70,000 and 190,000 control units. Their prices are much higher than those in Canada and Mexico, leaving room for new players offering more competitive prices. As for Mexico, the telemetry market is more open to imports, so competition is stiffer there. Industry leaders have lower sales there than in Brazil, and prices are much lower. The largest local competitor has installed just 90,000 control units in Mexico to date. On the other hand, Mexico is

1 The data provided in this section comes from the following sources: number of vehicles in Mexico (Automotive Fleet, 2013) and in Brazil (Automotive Fleet, 2014), value and growth of Brazilian market (Pyramid Research, 2014), and the clean air act (Centro Mexicano de Derecho Ambiental, 2014). Full references in bibliography.

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Telemetrix (A) – North-South Exports Lends a Helping Hand to Telemetrix: Mexico or Brazil?

closer to Canada both geographically and administratively; for several years now the North American Free Trade Agreement (NAFTA) has facilitated trade between the two countries. Finally, a clean air act (Ley de Calidad del Aire y Protección a la Atmósfera) was approved by the Senate in late 2013 and will be debated by the Chamber of Deputies in June 2014. Such a law could significantly increase the interest of Mexican transport companies in environmentally friendly solutions such as TOTAL METRIX. Since Cabana was most familiar with the issues, her bosses asked her to decide: To ensure rapid market development, should Telemetrix focus its efforts on Mexico or Brazil? 2016-01-26

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Telemetrix (A) – North-South Exports Lends a Helping Hand to Telemetrix: Mexico or Brazil?

Exhibit 1 Excerpts (edited) from the contract between North-South Exports and

Telemetrix

Contract Between Telemetrix Inc. Represented herein by Daniel Lavallée Hereinafter referred to as “Telemetrix” And North-South Exports Inc. Represented herein by Stéphane Larose, in his capacity as president Hereinafter referred to as “North-South Exports” It is established that Telemetrix designs and distributes management equipment to optimize the performance of vehicle fleets through the use of a proactive on-board computer as well as turnkey systems with automatic shut-off, speed alert, anti-theft, unauthorized movement alert, etc., hereinafter referred to as “products” and that North-South Exports is experienced in the sale of products to distributors and customers in Latin America. All of Latin America, from Mexico to Chili and Argentina as well as all countries and territories in the Caribbean with the exception of Puerto Rico constitute the territory served by North-South Exports. For the purposes of this contract, this is the “trade area.” Consequently, it is agreed as follows:

1. Appointment

With this document, Telemetrix appoints North-South Exports as its representative in the development of sales to customers, buyers, and distributors of “products” in the “trade area.” North-South Exports agrees to provide the services hereafter described.

2. Description of services

Essentially, North-South Exports will make sales in the trade area on behalf of Telemetrix. CRM: in its customer relationship management (CRM) software, Telemetrix has a dataset on its customers in Mexico and the rest of Latin America. From the beginning of its collaboration with Telemetrix, North-South Exports will be responsible for supporting existing customers and developing that database. In particular, knowing that Telemetrix has already established relationships with Firm A and Firm B, North-South Exports will be responsible for managing relationships with those customers. North-South Exports training: The staff of North-South Exports will receive the necessary training in the company and its products. To accurately represent Telemetrix, the staff of North-South Exports must be trained in not only its products but also the company and its values.

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Telemetrix (A) – North-South Exports Lends a Helping Hand to Telemetrix: Mexico or Brazil?

Translation of catalogues and web site and adaptation of price lists: the Telemetrix catalogues must be available in Spanish, and the price lists must be adapted for use in Latin America (delivered prices in local currency, etc.) so they will be meaningful to customers. North-South Exports will look after these tasks in the first few weeks after it is hired. Primary and secondary data collection: North-South Exports and Telemetrix must be familiar with the sectors in which Telemetrix’s Latin American customers do business. To direct and orchestrate the sales strategy, it will be necessary to collect data about the sectors and conduct basic market research. These steps should not take more than a few hours but are fundamental to preparing a business strategy based on facts, not impressions. Identification of distributors and customers: Telemetrix products and solutions will be sold through distributors or directly to fleet managers, as appropriate. North-South Exports will identify the most promising distributors and end users. Distribution and sales contracts between Telemetrix and customers/distributors will then be signed and the relationship between Telemetrix and its customers and distributors will be managed by North-South Exports. Relationship management with distributors and customers: North-South Exports will act as seller on behalf of Telemetrix. North-South Exports will look for distributors and customers likely to yield positive results for Telemetrix. North-South Exports will then prepare offers in accordance with guidelines set by Telemetrix. Progress reports: North-South Exports will draft a quarterly progress report for Telemetrix outlining the actions taken in the previous quarter, providing a comprehensive analysis of results, and suggesting steps to be taken in the next quarter. Efforts to promote Telemetrix in Latin America will be done both in Montreal and in North-South Exports’ branch offices, and the planning, organization, and coordination of tasks will be done in the Montreal office.

3. Responsibilities of North-South Exports:

Serve Telemetrix’s existing customers in the “trade area” and make sales to new customers. Invest the necessary time and effort in promoting Telemetrix’s interests and generating sales in the “trade area.” Keep Telemetrix informed of market conditions and competitors and participate in trade fairs held in the “trade area.” Ensure that orders received are in line with the price lists and/or bids and conditions of sale established by Telemetrix. Promote the products manufactured and solutions developed by Telemetrix.

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Telemetrix (A) – North-South Exports Lends a Helping Hand to Telemetrix: Mexico or Brazil?

4. Responsibilities of Telemetrix:

Train the North-South Exports staff in the features and technologies of the “products.” Supply free of charge any brochures, price lists, and tools needed for the sale and promotion of the “products” under this contract. Keep the North-South Exports staff informed at all times of any requests, bids, and orders originating in the “trade area.”

5. Compensation

C$4,000 per month plus 5% commission on all sales (excluding taxes) generated in the “trade area” during the term of this contract

6. Travel expenses

Travel expenses incurred by North-South Exports that have been previously authorized by Telemetrix will be reimbursed at cost.

7. Terms of payment

On the fifteenth (15th) day of each month, North-South Exports will send an invoice to Telemetrix in accordance with article 5 of this contract. Within 30 days of receipt of the invoice, i.e., by the fifteenth (15th) day of the following month, Telemetrix will pay the invoice in full. Travel expenses previously approved as per article 6 of this contract will be paid by Telemetrix to North-South Exports within 15 days of receipt of the travel expense report and supporting documents.

8. Liability

Telemetrix and North-South Exports agree that the services offered by North-South Exports are the sole responsibility of North-South Exports, which assumes full responsibility for any damages incurred as a result of those services. Moreover, North-South Exports is not liable for any loss or damage caused by the “products” of Telemetrix. Telemetrix cannot hold North-South Exports responsible for any warranty-related claims or for any damages caused by a “product” of Telemetrix when sold under the terms of sale and the operating standards established by Telemetrix.

9. Non-competition

During the contract period, the staff of North-South Exports agrees not to promote or sell any product that is in direct competition with the “products” or that could be in conflict with the “products.”

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Telemetrix (A) – North-South Exports Lends a Helping Hand to Telemetrix: Mexico or Brazil?

10. Renewal

This agreement is effective for one year (12 months), starting on February 15, 2013. At the end of this period, the agreement will automatically be renewed for a period of one year, unless written notice of termination is sent by either party to the other party 60 days prior to the end of the agreement. As long as no party communicates to the other its intention to terminate the agreement, it will continually be renewed for 12-month periods.

11. Early termination

In the event of serious breach of this contract by one party, either of the parties may cancel this agreement on 30 days’ written notice at any time during the term of the agreement.

12. Ownership

The work and services carried out by North-South Exports under this agreement, including all reports and customer-related information, remain the property of Telemetrix, which may dispose of them as it sees fit.

13. Confidentiality

North-South Exports’ employees and shareholders agree not to reveal any data, analyses, or results included in reports or, more generally, anything they may have learned in the performance of the agreement, without being authorized to do so by Telemetrix.

14. Governing law

Both parties agree that this agreement falls within the jurisdiction of the Province of Quebec.

15. Resource persons

Telemetrix: Daniel Lavallée, President North-South Exports: Marc-Antoine Tremblay, Vice-President

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Telemetrix (A) – North-South Exports Lends a Helping Hand to Telemetrix: Mexico or Brazil?

Exhibit 2 Pricing of TOTAL METRIX solution in Mexico and Brazil (January 2014)

Mexico* (prices in MXN pesos)

Basic package 4,313.00

Monthly payments 144.00

Brazil (prices in Brazilian reais)

Basic package 6,172.77

Monthly payments 43.00 Source: authors Note: *In January 2014, North-South Exports suggested the following rates: 2,880 MXN$ for the basic package and 300 MXN$ for the monthly payments.

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© H

EC M

on tr

éa l

13

For the exclusive use of R. Patidar, 2018.

This document is authorized for use only by Rajendra Patidar in Comparative International Business SJ/ROCK taught by RICHARD YANG, William Jessup University from Jun 2018 to Dec 2018.

Te le

m et

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© H

EC M

on tr

éa l

14

For the exclusive use of R. Patidar, 2018.

This document is authorized for use only by Rajendra Patidar in Comparative International Business SJ/ROCK taught by RICHARD YANG, William Jessup University from Jun 2018 to Dec 2018.

Te le

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© H

EC M

on tr

éa l

15

For the exclusive use of R. Patidar, 2018.

This document is authorized for use only by Rajendra Patidar in Comparative International Business SJ/ROCK taught by RICHARD YANG, William Jessup University from Jun 2018 to Dec 2018.

Te le

m et

ri x

(A ) –

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th -S

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© H

EC M

on tr

éa l

16

For the exclusive use of R. Patidar, 2018.

This document is authorized for use only by Rajendra Patidar in Comparative International Business SJ/ROCK taught by RICHARD YANG, William Jessup University from Jun 2018 to Dec 2018.

Telemetrix (A) – North-South Exports Lends a Helping Hand to Telemetrix: Mexico or Brazil?

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© HEC Montréal 17

For the exclusive use of R. Patidar, 2018.

This document is authorized for use only by Rajendra Patidar in Comparative International Business SJ/ROCK taught by RICHARD YANG, William Jessup University from Jun 2018 to Dec 2018.

Telemetrix (A) – North-South Exports Lends a Helping Hand to Telemetrix: Mexico or Brazil?

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© HEC Montréal 18

For the exclusive use of R. Patidar, 2018.

This document is authorized for use only by Rajendra Patidar in Comparative International Business SJ/ROCK taught by RICHARD YANG, William Jessup University from Jun 2018 to Dec 2018.